Partnership Firm Annual Compliance

A partnership is a famous and easy-to-establish business structure. It is owned, managed and operated by a group of individuals having a common intention of generating profit. A partnership is simple and easy to commence. The documentations and liabilities are less in comparison to a private limited firm. Partnership firm compliances require you to file income tax returns and other applicable subjects to varied terms. 

We at Valcus help you draft a partnership deed and other legal agreements. We also offer solutions to annual partnership compliance including appointing an auditor, filing ITR, and other secretarial solutions. Our team at Valcus believes in rendering complete solutions to varied business needs under a single roof.   

Mandatory annual partnership compliance

Annual compliance is mandatory for most business structures. It helps you abide by the local laws, comply with the MCA requirements, and know the financial status of a legal entity. When we talk about mandatory annual partnership compliance it primarily includes income tax return (ITR) filing before the end date of the ITR filing date every year. Apart from the ITR, a partnership firm is required to comply with the various regulations which include ESI regulations, TDS regulations, GST regulations, PF, and others based on annual turnover. 

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Please note that the requirement related to the annual compliance of a partnership firm varies depending on several factors. The common factors include entity type, annual turnover, state of incorporation, industry type, and the number of employees. 

Statutory compliance for partnership firm

The statutory compliance for a partnership firm needs a firm to get its books of accounts audited and abide by the mandatory compliances. It will help you run your business without limitation and avoid legal actions. 

Today, there is no need to worry as far as statutory compliance is concerned. You can appoint us as your partner in growth and transfer on our experienced shoulders the complete responsibility of annual compliance of your Partnership firm.  

Mandatory ROC filing for a partnership firm

The Ministry of Corporate Affairs (MCA) play a vital role in keeping an eye on the different business structure registered under the Indian Companies Act 2013. Every single company including a partnership firm is required to file annual returns without fail with the Ministry of Corporate Affairs (MCA). 

Do not forget that if you fail to file annual returns and other compliances, there can be a heavy penalty, interest, and other legal actions. 

Annual Compliance of a Partnership Firm

Annual Compliance of a Partnership Firm filing requires you to arrange a few documents. You can seek the assistance of our compliance professionals to avoid penalties and enjoy the benefit of restricted-free business operations.  

Below Documents are essential for a Partnership Firm Annual Compliance: 

  • TDS returns filed copy
  • GST returns filed copy
  • Sales and purchase invoices gathered during a financial year
  • Expense invoices gathered during a financial year
  • Bank statements of each partner’s bank account
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Frequently Asked Questions

To establish a partnership firm in India, there is a need for a minimum of two members.

For you to start a partnership firm there is no minimum capital limit.

The maximum number of people allowed in a partnership firm is 20. The partners should be Indian citizens residing in any part of the country.

You require a copy of a PAN card, Personal identity card, and address proof. Also, there is a need to get a partnership deed drafted and duly signed by all the partners.

If we talk about auditing, a partnership firm that is engaged in a specific profession and has gross receipts of rupees fifty lakhs or more should go for a tax audit. On the other hand, a partnership firm engaged in conducting a business where the annual sales turnover is more than one crore rupees also should get a tax audit.

A partnership firm is governed under the Indian Partnership Act of 1932.

We are a registered company engaged in providing a host of business solutions including registration of different types of business structures, compliances, and more. We have a team expert in partnership firm compliance. So, you can have a hundred percent trust in our compliance filing team.

No, our service charges are nominal. We value client relationship over excess profit generation.